This presentation is designed to give you a high-level overview of the Startup Secrets series (including topics and case studies). Held in conjunction with Harvard innovation lab, the Startup Secrets series was created to provide a framework for entrepreneurs and innovators to think through some of the key steps that could accelerate their success in starting a business.
For more Startup Secrets, visit: http://www.mjskok.com/resources/introduction
Falcon's Invoice Discounting: Your Path to Prosperity
Startup Secrets Overview
1. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
1
2. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Startup Secrets Overview
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
2
3. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Please note
• What follows are highlighted excerpts from 5
of the “Startup Secrets” workshops
• Full versions of the workshops and the
complete series can be found on the next
page
3
3
4. Harvard innovation lab :
Hi
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
The Startup Secrets curriculum
•
•
•
•
•
•
•
•
Overview
Getting Behind the Perfect Pitch
Building a Compelling Value Proposition
Company Formation: Culture and Hiring
Disruptive Business Models
Go-To-Market: Strategy & Tactics
Turning Products into Companies
Funding to go the distance
4
5. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Getting behind the Perfect Pitch
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
5
6. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Market opportunity
6
7. Harvard innovation lab :
Hi
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Incomplete stand outs are better than
complete stand ups!
•
We looking for outstanding:
– People
– Technology or other disruption
– Market opportunity
•
One outstanding of the above literally stands out vs. all good, but none
great
•
We don’t expect complete
–
–
–
–
–
•
Team
Product
Value prop
GTM plan
Business Model
Entrepreneurs don’t need all the answers!
– Self aware, listening, leaders…
7
8. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Building a Compelling
Value Proposition
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok mjskok.com
8
9. Hi
Harvard innovation lab :
Startup Secrets :
wrap up session
@mjskok
#innovationlab
Michael J Skok :
#startupsecrets
www.startupsecrets.com
Agenda - Problem
Problem
Ideas
Solution
Define
Gain
Pain
Evaluate
Value
Prop
Build
9
10. Harvard innovation lab :
Hi
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
#innovationlab
Gain/Pain ratio
•
•
•
•
•
•
•
Revenue
Cost savings
Time
People
Competitive advantage
Reputation
Etc..
•
•
•
•
•
•
Inertia
Switching costs?
Default = do nothing
Alternatives?
Good enough =
good enough!
RISK on a startup
•
•
•
•
•
•
Find (See)
Try
Buy
Implement
Deploy
Own – eg TCO
Pain
Inertia,
RISK
Gain
>10
10
11. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Matt Johnston, CMO, uTest
11
12. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Company Formation:
Building an Enduring Company
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
12
13. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Building an enduring company:
Roadmap…
Vision
Execution
Value
Prop
Startup
People
Culture
Enduring
Company
13
14. Harvard innovation lab :
Hi
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Startup Secret: Culture
•
•
•
•
Comes from YOU
Comes from the top
Is modeled
Is valued by CONSISTENCY
Startup
Cultural Consistency
Enduring
Company
14
15. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Tom Erickson, CEO, Acquia
15
16. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Going To Market (GTM)
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok mjskok.com
16
17. Hi
Harvard innovation lab :
Startup Secrets :
wrap up session
@mjskok
#innovationlab
Michael J Skok :
#startupsecrets
www.startupsecrets.com
A Startup GTM Framework
Marketing & Sales
Cycle
Strategies
Tactics
Awareness
Understanding
Engagement
Trial
OUTbound / INboound
Interest
Brand
Positioning
Messaging
Social
Media
PR
Services
Audience
Channel
Direct vs.
Channel
Targeting,
Segmentation
Channel
Development,
Management,
Etc.
Personas
Actors/Scenes
Strategic
Partners
References
Purchase
•
•
Results Oriented, Metrics, Execution
Driven
Continuous Iteration & Improvement
17
18. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
The Web: Changes (nearly) everything
Negatives:
Positives:
• One click away
• Measure everything
Competitors
• Closed loop
Distractions
• Lower cost
Closed Loop
via Web
Virtual Sales, Marketing, Services
Webinars
Video
Podcasts
Don’t forget the human factors
Personal touch
Relationships – better real than
virtual!
Experiential learning is
invaluable
18
19. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Brian Halligan, CEO & Founder,
Hubspot
19
20. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Mark Lorion, VP Marketing,
Spotfire Analytics
20
21. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Disruptive Business Models to build Value
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok mjskok.com
21
22. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
How can your Business Model…
• Change the game?
• Rewrite the rules?
• Cause an innovator’s dilemma
New Game
New playing field
New boundaries
• Be as disruptive
as your technology?
New rules
YOU choose players
22
23. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Dan Dodge, Developer Advocate,
Google
Disrupting Leaders
23
24. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Turning Products into Companies
by Design & Architecture
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
24
25. Harvard innovation lab :
Hi
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Friction Free, SLIPPERY products
•
•
•
•
•
•
•
Simple
Low to no initial cost
Installs easily
Proves value quickly
Plays well with others
Easy to use
ROI is obvious
• Your customers can’t live without it – it’s stickY
25
26. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
Product to Company
@mjskok
#startupsecrets
www.mjskok.com
Cases
• Gregg
Favalora, Principal, Optics for
Hire
– Founder Actuality Systems
– @gfavalora
• John McEleney, CEO Belmont
Systems
– Previously CEO Solidworks
– @johnmceleney
26
27. Inventing and almost
commercializing 3-D
displays:
When “tech looking for a market”
goes from awesome, to painful, to a
patent sale 12 years later
April 2013
Gregg Favalora
Principal, Optics for Hire
* Founder, Actuality Systems (1997 – 2009)
gregg@opticsforhire.com
Client Confidential
28. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Gregg Favalora, Principal, Optics
for Hire
28
29. Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
CAD is the Basis of Every Product
4/1/13
Hi
29
30. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Does anyone know what this is?
1-5-0-3
30
31. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Where to sell?
11+
# Units
1
2
6-10
3
1-5
0-3
4-6
# Months
31
32. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
John McEleney, Former
CEO, SolidWorks
32
33. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Funding strategies to go the distance
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
33
34. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
The 2 best times to raise capital
• With all the POTENTIAL…
– Or
• Plenty of PROOF !
34
35. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Steve Papa, Former CEO,
Endeca
35
36. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
NUMBER ONE Startup Secret
Don’t be afraid to FOCUS!
• Narrow as possible to start!
– Think small targets to dominate
• Which would you rather…
– Expand on success?
– Contract on failure?
• Balance Vision vs. Execution
– See post on mjskok.com
#1
36
37. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Case Studies
37
38. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Visit Startup Secrets at
http://mjskok.com/resources/startup-secrets
Thank you!
38
39. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
39
Notes de l'éditeur
As I looked down the wall, I imagined the immense vision one must’ve had to have even started the wall. As I took this photo, I began thinking about how many bricks must’ve been used to build it. I subsequently learned that in fact before the use of bricks the Great Wall was mainly built from rammed earth stones and wood. It was only during the Ming Dynasty that bricks and other new materials such as bricks and tiles came to be used and helped quicken the pace of construction.